BEML share rises over 4% after firm starts making oxygen generating units

BEML  share rose over 4% today after the state-run firm started manufacturing oxygen generation units at its KGF complex in Kolar in Karnataka. BEML stock touched an intraday high of Rs 1,359.9, rising 4.23% against previous close of Rs 1,304.65 on BSE. BEML share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

BEML share has gained 127.44% in one year and risen 39.86% since the beginning of this year. In a month, the stock has gained 16.47%.

Market cap of the firm rose to Rs 5,676 crore.Total 0.75 lakh shares changed hands amounting to turnover of Rs 10.16 crore on BSE.

The stock hit 52 week high of Rs 1,544 on March 9, 2021 and 52 week low of Rs 570.25 on June 12, 2020. The production of oxygen has been started to mitigate the shortage in the country amid the second wave of COVID-19.

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These units are being manufactured under a transfer of technology agreement signed with Defence Bio-Engineering and Electro Medical Laboratory (DEBEL), Bengaluru, which works under the Defence Research and Development Organisation (DRDO).

"BEML has received orders for 100 oxygen generation units from DEBEL on May 21 under ''PM Cares'' fund and the same is expected to be supplied by July-end," the statement said.

Second wave of COVID-19 pandemic has hit India and hospitals in several states have been complaining about shortage of oxygen, vaccines, drugs and equipment.

"To mitigate the oxygen shortages in the country for Covid patients, BEML has successfully started manufacturing 960 LPM (litres per minute) medical oxygen plants (units) at its KGF complex in record time under a ToT (transfer of technology) agreement with DEBEL," the statement said.

The first set of oxygen generation unit has been rolled out and is being delivered to Koppal Institute of Medical Sciences in Karnataka.